Senator Warren Calls for Dismissal of SEC Chair White in Letter to Obama

Democratic Senator Elizabeth Warren recently called for the dismissal of SEC Chairwoman Mary Jo White in a letter to President Obama. Senator Warren has pressed the SEC to develop rules requiring public companies to disclose their political spending activities and has criticized Chair White for not publicly opposing several bills that would weaken disclosure requirements for corporations. The SEC is restricted by law from working on the political donations disclosure rule this year. Former SEC Chairman Arthur Levitt in a letter to the Wall Street Journal said that Senator Warren may be seeking to influence the next SEC chair to enact her preferred rule and that when a senator critiques the SEC’s agenda it “diminishes public confidence in the agency and demoralizes the Commission.” Levitt praised Chair White as a firm, thoughtful leader and said that Congress must respect the SEC’s independence and freedom to focus on a fixed agenda.